IN BRIEF (Page 9)

Retail banks need better strategies

Retail banking will grow rapidly in China over the next five years, but banks must clearly define their strategies and offer solutions for customers' daily financial needs, Boston Consulting Group said in a report. It forecast revenues of the country's retail banking sector will hit 3.5 trillion yuan ($566 billion) by 2020, accounting for more than 40 percent of the Chinese banking industry. Its new growth engines are likely to be loans to small and medium-sized enterprises, consumer finance and wealth management.

Fosun seals major European deals